Ericson Core is to direct the updated version of the action flick this summer, the entertainment industry trade newspaper reported.
Butler would play Bodhi, the role originated by Swayze, who died in 2009. Reeves' character, Johnny Utah, has not been cast yet.
Butler's film credits include "Olympus Has Fallen," "Chasing Mavericks," "300" and "The Phantom of the Opera."
Notable deaths of 2014 [PHOTOS]
'Vacation' re-boot starts shooting in Georgia